HEARD IN
EUROPE
Tax Refund Could Make
Stalexport Shares a Steal

WARSAW -- Stalexport SA's shares rocketed last week on hopes the company will get a windfall tax refund, but those share-price gains may prove to be small change.

On the Warsaw Stock Exchange on Wednesday and Thursday, the steel-trading group's shares surged by 20% before falling back 5.5% on profit-taking Friday, to 48.20 zlotys ($17.79) each. On Monday, the shares closed unchanged, and on Tuesday, they fell one zloty to 47.20 zlotys. In contrast, on the last day of trading in 1995, the shares were priced at 24.40 zlotys.